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OpenMarket: Banking and Finance

  • Defiance of Congress Melts Federal Reserve Credibility

    July 11, 2019
    In advance of his testimony yesterday before the House Financial Services Committee, Federal Reserve Chairman Jerome Powell was the subject of a front-page story in The Wall Street Journal that touted his supposedly good relations with lawmakers of both parties. “Powell’s Support Inside Congress Is Deep,” read the Journal headline in the print edition.
  • Commonsense New Debt Collection Rule from Consumer Financial Protection Bureau

    June 20, 2019
    The Fair Debt Collection Practices Act (FDCPA) was passed in 1977, over forty years ago, at a time when telecommunication technology was in its infancy and the consumer Internet did not exist. Since that time, the technology used to communicate with customers has changed drastically. As one might suspect, the FDCPA has not kept up with these dramatic changes.
  • Facebook Libra Highlights Flaws of Fed Foray into Real-Time Payments

    June 19, 2019
    More than ten years after the pseudonymous Satoshi Nakamoto published the source code for Bitcoin, and after hundreds of other cryptocurrencies have been introduced, Facebook is the latest entrant in the cryptocurrency market. Yesterday, Facebook launched a new digital currency called Libra that will attempt to combine a decentralized blockchain—the hallmark of successful cryptocurrencies—with the reach of the Facebook community.
  • Overhaul Internal Operations at Consumer Financial Protection Bureau

    June 19, 2019
    One of the most important, yet least visible, changes a new Consumer Financial Protection Bureau director could make is to reform the internal operations of the agency. This would include reforming everything from its hiring, rulemaking, enforcement processes and the structure of its departments, as well as championing a new “vision” of consumer protection. 
  • Regulators Should Foster Financial Innovation

    June 17, 2019
    It is becoming increasingly apparent that financial technology, or “fintech,” like other forms of technology, can drastically improve consumers’ lives. Yet one of the most glaring failures of the Consumer Financial Protection Bureau has been its neglect of the role of financial innovation.
  • Electric Vehicle Tax Credits Not Popular with Americans: Poll

    June 14, 2019
    A recent survey conducted for the American Energy Alliance clearly shows that the public does not support congressional efforts to extend or expand federal tax credits for purchasers of electric vehicles. Current subsidies of up to $7500 are available only for the first 200,000 EVs sold by each automaker. 
  • Consumer Financial Protection Bureau Should Acknowledge Its Unconstitutional Structure

    June 11, 2019
    The Consumer Financial Protection Bureau’s structure is unconstitutional. The agency’s leadership should recognize it as such.
  • Consumer Financial Protection Bureau Should Define 'Abusive'

    June 5, 2019
    The Dodd–Frank Act was a mammoth overhaul of financial services regulation. Along with creating an entire new consumer protection agency, the Consumer Financial Protection Bureau, it also created an entire new consumer protection standard, a prohibition on “abusive” acts or practices. This new prong is a part of a broader prohibition on “Unfair, Deceptive or Abusive Acts or Practices,” otherwise known as UDAAP.
  • SEC's 'Regulation Best Interest' Respects Investor Choice

    June 5, 2019
    Today, the Securities and Exchange Commission approved final rules that comprise “Regulation Best Interest,” which will govern conduct of broker-dealers in their transactions with retail investors. Any new regulation will likely mean higher costs, and these costs—as with the costs of business taxes and tariffs—will likely be passed on to the individual customer.
  • Prevent Another Mortgage Crisis: Let Qualified Mortgage 'Patch' Expire

    June 4, 2019
    Last month, the Consumer Financial Protection Bureau released its rulemaking agenda for Spring 2019. While there weren’t too many surprises in the agenda, which mainly involved implementing statutory requirements or completing ongoing initiatives, there was one important new reform that jumped out: assessing the necessity of a provision known as the Qualified Mortgage “patch.”

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